ABN AMRO & ANZ: Stop funding marine pollution

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Feature story - 23 August, 2006

After helping mitigate the devastation wrought by the Petron oil spill in Guimaras Island, the Esperanza led a flotilla in protest against the gold and silver mining operations of Lafayette in the Philippines, funded by banks such as ABN-AMRO and ANZ. The Australian-owned mine was reopened in July despite government investigations which revealed ongoing leakages of highly toxic chemicals into the pristine waters of the Albay Gulf.

from the provinces of Sorsogon and Albay on board some 70
bancas (traditional outrigger boats) bearing banners saying "Stop
Lafayette"and "ABN-Amro, ANZ Stop Funding Marine Pollution". Dutch
bankABN-Amro, one of the world's biggest financial institutions,
andAustralian bank ANZ are providing financial backing for the
miningoperations. This is despite the fact that both banks have
policies inplace which are supposed to prevent them from investing
in socially andenvironmentally irresponsible projects.

Our Toxics Campaigner Beau Baconguis said, "People rely on the
richmarine ecosystem for food and income and have already suffered
fromcontinuous toxic contamination from the Lafayette mine."

Rapu Rapu - Countdown to an environmental disaster

Late last year, Lafayette was ordered to stop its mining
operationsafter it twice released cyanide and other contaminants
into theenvironment, resulting in massive fish kills. Subsequent
investigationscarried out by a Presidential Fact-Finding
Commission revealedthat not only had Lafayette been operating the
mine beyond its capacitybut that it had been doing so even before
it completed the constructionof barriers designed to prevent
contamination reaching the sea.

The Philippine government then granted the company a licence for
a 30-

day test run of the mine. During the test run, several toxic
leaksoccurred. Residents have since reported more fish kills in
thecreeks leading out from the mine into Albay Gulf.

"The reopening of Lafayette mine has started the clock for
anotherdisaster in our marine ecosystem. Lafayette mine must be
closed forgood," Beau added.

The pristine waters, seagrass beds and mangroves of Albay Gulf
createan exceptionally rich fishing ground for fishermen. Dolphins,
seaturtles, egrets, and purple herons are frequently sighted in
thesewaters. Five of the seven marine turtles in the world are
found in theAlbay Gulf, while the eastern coast, including Rapu
Rapu, is amigration path for whale sharks. The Lafayette mine
threatens thesurvival of all of these species.